会计学院知识库

医药行业作为民生行业受到社会和政府的广泛关注。近年来“互联网+”给
医药行业带来了机遇的同时，也让其面临着巨大的挑战。在这种形式下医药企业
既要提高资源配置效率，也要确保企业可持续发展，财务战略对企业的发展就显
得尤为重要。文章基于生命周期视角，选用财务战略评价体系对云南白药的财务
战略进行优化研究。
文章首先用 SWOT 模型对云南白药所处的战略环境进行分析，并对云南白药
现行财务战略的选择加以阐述；其次，用留存收益股权比法与现金流量观察法
对云南白药 2010-2019 年所处的生命周期加以界定，测定出云南白药处于成熟
期，并明确了其所处生命周期阶段的财务战略目标；最后，文章借助财务战略评
价体系对云南白药所处生命周期与财务战略进行深入分析。
文章通过以上分析发现：云南白药权益资本占比过高，导致资本成本率升
高，资本成本增加；多元化投资存在粘性且投资不充分；采取持续增长的股利
政策，如果后期难以保持会影响企业的可持续发展。针对发现的问题，文章提出
了相应的优化建议：云南白药应增加债务资本，优化资本结构降低资本成本；对
内应该降低固定资产投资的同时加大无形资产投资力度,对外应继续扩大投资；
应合理分配经营成果，重视企业可持续发展。通过以上研究以期对云南白药可持
续发展产生积极的影响。

As a livelihood industry, the pharmaceutical industry has been widely concerned by the society and the government. In recent years, "Internet +" has not only brought opportunities to the pharmaceutical industry, but also made it face great challenges. In this form, pharmaceutical enterprises should not only improve the efficiency of
resource allocation, but also ensure the sustainable development of enterprises.Financial strategy is particularly important for the development of enterprises. Based on the perspective of life cycle, this paper selects the financial strategy evaluation system to optimize the financial strategy of Yunnan Baiyao.

Firstly, the SWOT model is used to analyze the strategic environment of Yunnan Baiyao, and the choice of Yunnan Baiyao's current financial strategy is expounded.Secondly, the life cycle of Yunnan Baiyao from 2010 to 2019 is defined by using retained earnings equity ratio method and cash flow observation method, and Yunnan Baiyao is determined to be in the mature stage, and the financial strategic objectives of the life cycle stage are defined. At last, this paper makes an in-depth analysis of the life cycle and financial strategy of Yunnan Baiyao with the help of the financial strategy evaluation system.

Through the above analysis, the paper finds that the proportion of equity capital in Yunnan Baiyao is too high, which leads to the increase of cost of capital ratio and cost of capital. Diversified investment has stickiness and insufficient investment; If the dividend policy of continuous growth is difficult to be maintained in the later
period, the sustainable development of the enterprise will be affected. In view of the problems found, the article puts forward the corresponding optimization suggestions:Yunnan Baiyao should increase debt capital, optimize capital structure to reduce capital cost; We should reduce the investment in fixed assets and increase the
investment in intangible assets at home, and continue to expand the investment abroad.We should distribute the operating results reasonably and attach importance to the sustainable development of enterprises. The above research is expected to have a positive impact on the sustainable development of Yunnan Baiyao.